Compute the circularities and determine the circularity that is the dividing line between a circle and non-circle
labeledImage = bwlabel(binaryImage);
props = regionprops(labeledImage, 'Area', 'Perimeter');
allAreas = [props.Area];
allPerimeters = [props.Perimeter];
circularities = allPerimeters .^ 2 ./ (4 * pi * allAreas);
acceptableCircs = circularities < 4; % Or whatever works
indexes = find(acceptableCircs);
circBlobsOnly = ismember(labeledImage, indexes);
imshow(circBlobsOnly);