Is it possible use a different bluetooth codec than SBC on Android Lollipop?
Looks like this question has already been answered:
How do I determine which A2DP codecs my phone supports/is currently using?

See the top most answer with a 3 score as of writing this answer.

Basically you can find out what codecs are available on your device as it comes down to what the hardware supports.  There are licensing and other fees so not every device has the capability to support every codec.