A method for compressing 2D images includes determining a depth map for each of a plurality of sequential 2D images of a 3D volumetric image, determining coordinate transformations the 2D images based on the depth maps and a geometric relationship between the 3D volumetric image and each of the 2D image, performing a lifting-based view compensated wavelet transform on the 2D images using the coordinate transformations to generate a plurality of wavelet coefficients and compressing the wavelet coefficients and depth maps to generate a compressed representation of the 2D images.