I would like to pursue a career in game design, I already hold a bachelors degree in IT and am currently working in the IT sector. I would like to go in for a Master's degree but have noticed that their aren't any master's degree programs in Game Design so should i then go in for a master's degree in some related field like architecture.

Yes. Check out Article: Becoming a designer for a partial list of useful skills, any one of which you could opt for a degree in.