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For example, JPEG2000 and JPEG use total different algorithm and we need something like JPEG2000 for video…
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JPEG2000 uses Wavelet compression. There
are video formats that use Wavelets, such as Dirac and Snow, but they did not prove to be superior to H.264 yet. Maybe they never will...
Also you must ask: Do we really need more efficient video compression than what we've got today?
Discs are becoming bigger and bigger, bandwidth is becoming cheaper and cheaper. Also I'm not sure if we will ever need much higher resolutions than "Full HD", simply because you can't integrate even bigger screens into your living room. Not everybody can have a separate room for TV and Beamer. Also look what happens to audio compression: Now that the HDD's and Flash's in mobile audio players become bigger and bigger, people go away from MP3&Co and go back to uncompresses Wave or FLAC...